More Power For The Government and The Fed; Say It Ain't So

An Obama plan would give the government new powers to seize key companies.
Under the plan, expected to be released today, the government would have new powers to seize key companies -- such as insurance giant American International Group Inc. -- whose failure jeopardizes the financial system. Currently, the government's authority to seize companies is mostly limited to banks.
Obama administration officials said it would seek to reduce gaps in regulatory oversight, rein in the use of mortgage-backed securities and other complex derivatives, reduce incentives for companies to take excessive risk and give the government new power to quickly intervene during any future crises.
http://www.latimes.com/business/la-fi-financial-regs16-2009jun16,0,4262249.story

Federal Reserve to gain power under plan
The Federal Reserve, already arguably the most powerful agency in the U.S. government (The Federal Reserve is not a government agency), will get sweeping new authority to regulate any company whose failure could endanger the U.S. economy and markets under the Obama administration's regulatory overhaul plan. The final plan is expected to sidestep most jurisdictional disputes and simply impose across the board standards to be applied by all financial regulators, according to administration and industry sources.
http://www.washingtontimes.com/news/2009/jun/16/plan-gives-fed-sweeping-power-over-companies/?feat=home_headlines